After a lacklustre and measly 2.21 per cent GSDP (gross state domestic product) growth in 2013-14, the state economy is projected to bounce back and log 8.78 per cent growth in the current fiscal, aided by robust growth in industry and service sectors, says the Economic Survey for 2014-15. The state economy being battered by economic slowdown in last fiscal is set to witness an upswing in growth driven by impressive growth in sub-sectors like construction (21.56 per ent), transport, sub-storage and communication (12.18 per cent), banking & insurance (11.09 per cent) and community, social & personal services (9.90 per cent).
However, the downside within the industry sub-sectors is mining & quarrying where growth is set to plunge from 8.42 per cent in 2013-14 to a lowly 2.3 per cent in 2014-15 as per advanced estimates. It may be noted that the mining & quarrying sub-sector had registered 13.78 per cent growth in 2011-12 but nosedived to negative growth of 1.28 per cent in 2012-13.
The survey report says negative growth of 9.78 per cent in the agriculture sector due to the devastating cyclonic storm Phailin dragged down the state's GSDP growth to a meagre 2.21 per cent in the last fiscal. The tepid growth of 2.16 per cent in manufacturing sector also contributed to the economic blues. Besides, growth in construction (-0.04 per cent) and trade, hotels and restaurant sub sectors (0.17 per cent) had stagnated in 2013-14.
In 2014-15, share of agriculture sector to the state's GSDP is tipped to fall marginally from 16.3 per cent to 15.39 per cent. Area under food grains cultivation has declined 2.03 per cent in 2013-14 to 4928 hectares, the survey states.
Share of services sector in FY 15 is expected to rise to 51.16 per cent from 50.62 per cent in the previous fiscal while that of industries is set to rise a wee bit from 33.08 per cent to 33.45 per cent. According to the Survey report, the state's per capita income (or real net state domestic product) during 2014-15 is estimated at Rs 28384 crore in 2014-15 as per advance estimates, meaning a growth of 7.31 per cent over 2013-14.
While Delhi has the highest per capita income (Rs 127667), only three states- Assam, Uttar Pradesh and Bihar trail Odisha on the economic indicator.
The Economic Survey points out to the glaring regional imbalances in terms of per capita income. While Jharsuguda tops the list of districts with a per capita income of Rs 49021 for 2010-11 (as per 2004-05 prices), Nabarangpur is at the bottom at Rs 14700.
The same economic disparity is also conspicuous in case of contribution of districts to the state's GSDP. Sundargarh district contributes the most to the state's GSDP with a share of 8.54 per cent followed by Khurdha (7.52 per cent) and Cuttack and Ganjam, each with share of 7.09 per cent.